Moran Wealth Management LLC Cuts Stock Position in Eaton Co. plc (NYSE:ETN)

Moran Wealth Management LLC lessened its stake in Eaton Co. plc (NYSE:ETN) by 2.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,207 shares of the industrial products company’s stock after selling 1,719 shares during the period. Moran Wealth Management LLC’s holdings in Eaton were worth $22,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Legal & General Group Plc grew its stake in Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after purchasing an additional 18,077 shares during the last quarter. Capital World Investors grew its stake in Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Eaton by 2.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock valued at $471,370,000 after purchasing an additional 40,078 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Eaton by 15.5% during the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock worth $412,108,000 after acquiring an additional 176,571 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Eaton by 27,075.5% during the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after acquiring an additional 1,070,024 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 3,136 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ETN shares. Barclays dropped their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Raymond James dropped their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Citigroup started coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Bank of America lifted their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Price Performance

Shares of NYSE:ETN traded down $2.66 during midday trading on Wednesday, reaching $361.03. 268,760 shares of the company’s stock traded hands, compared to its average volume of 2,101,165. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The company has a market cap of $142.68 billion, a P/E ratio of 38.69, a PEG ratio of 2.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The company has a fifty day simple moving average of $338.69 and a two-hundred day simple moving average of $322.04.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the firm posted $2.47 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Equities analysts predict that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.